SPDL...President/director/ mr Wesser & Horowitz in charge...
In early Third Quarter 2018, Spindle made significant progress toward reconstituting the Company and refocusing its operations, most notably with the onboarding of new personnel. Mr. Wesser, who was previously appointed a Director of the Company, was appointed President on August 2, 2018. Mr. Wesser brings broad experience directly applicable to Spindle’s operations, including previous M&A and compliance experience as a corporate attorney and business experience leading the growth of a large, membership-driven organization which was built on a recurring revenue model and dependent upon efficient merchant processing. Management believes Mr. Wesser’s experience growing a large organization and managing the client-side of a large merchant processing operation is beneficial to Spindle’s future growth. Also, on August 2, 2018, the Company appointed Mr. Horowitz as a Director. Mr. Horowitz has deep personal and business relationships in the private equity, investment banking, retail, sports and hospitality/entertainment industries. Mr. Horowitz brings high-level experience in business development within those industries and a warm pipeline of prospective merchant processing clients ranging from large ($1B+) enterprises to a broad array of SMBs.
During the Third Quarter, Spindle entered into a strategic partnership with Newtek (Nasdaq: NEWT), a large, publicly-traded ISO of several payment processors. Mr. Wesser previously had a long professional relationship as one of Newtek’s largest customers, and Management believes the Newtek relationship will provide Spindle with multiple advantages, including:
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Access to Newtek’s marketing materials, which are white-labeled with Spindle branding
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Access to sell all of Newtek’s products, which comprise a full suite of small to midsize business services, including merchant/payment services, insurance products, business financing, payroll and benefits solutions, web solutions, and technology/technology management solutions
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Diversity of processors, as Newtek supports several world-class processors which accept merchants from diverse industries, risk levels, etc., which allows Spindle to find a “home” for each of its leads, which it may not be able to do working with only one processor as an ISO
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During the Third Quarter, Management worked with Newtek to acquire and begin the process of white-labeling Newtek’s marketing and digital materials.
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